Oil Rises as Renewed Fighting Between Iran and the US Keeps Persian Gulf Supply Shut In

Oil moved higher early Friday as fighting between the U.S. and Iran continues, while some ships continue to move out of the Persian Gulf through the Strait of Hormuz, boosting supply. West Texas Intermediate crude oil for August delivery was last seen up $0.61, or 0.9%, to $72.69, while September Brent oil was up $0.72, or 0.9%, to 77.02 The rise comes as Iran and the U.S. renew hostilities, though fighting eased overnight. The apparent end to a ceasefire agreement reached last month is continuing to keep ships trapped in the Persian Gulf since the Feb. 28 start to the war. Only 15 ships moved through the Strait of Hormuz yesterday, according to hormuzstraitmonitor.com, leaving 280 vessels still waiting to move through the waterway. However enough ships left the region since the mid-June ceasefire agreement to ease supply worries. In its monthly Oil Market Report, the International Energy Agency said June oil inventories rose for the first time since the start of the war as shipping through the Strait surged following the ceasefire. "As an armada of tankers set sail for refining hubs further afield, global observed oil inventories in June rose for the first time since the.